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Evolving Context:
Power sector evolution:
The Power industry is transforming rapidly, and consumer’s demands are changing with it.
The rising environmental concerns accompanied by technological advancements is driving
transformation of the global energy landscape. Since 2010, the costs of new solar PV
solutions have come down by over 73% and for wind solutions by an estimated 30%
facilitating rapid deployment of renewable resources globally. Renewables have become the
technology of choice, because of falling costs and supportive government policies. It has
brought about a change in the electricity markets from centralized to decentralized power
markets, opening business service opportunities for power utilities including home
automation for energy efficiency. As the world is also rapidly electrifying, electricity generation
continues to be reliant on coal, especially in developing economies. Change in generation
mix skewed towards non-fossil fuels is quite evident in the advanced economies. A move
towards cleaner energy mix and a service-oriented economy is being witnessed in major
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energy consuming nations like China, US and India There is a growing adoption of electric
vehicles (EVs) globally. Global EV sales exceeded two million in 2018, with more than half of
global sales in China. The EV charging infrastructure has also grown rapidly with the growth
in number of electric vehicles. At the same time, the trend of decentralised energy generation
including rooftop solar is spurred by a sharp decrease in costs of distributed energy
resources. Storage solutions-key to address intermittent challenge of renewable energy- are
also being developed that would play a balancing act between power demand and supply.
Global energy storage additions doubled to more than 9 GWh in 2018. Renewables along
with energy storage is gaining price parity with falling costs of lithium-ion batteries. The global
energy shifts are leading to the gradual blurring of the lines between consumers and
producers. There is large scale integration of grids between nations to enable cross border
electricity trading. Asia is expected to power the growth engine with China leading the growth.
All the factors, coupled with the need for affordable, sustainable and modern energy systems,
is shaping the global power sector.
Changing Demographics
In line with the changes in the sector, Tata Power is looking at expanding its market from
B2B to B2C. To understand the retail customer base, we need to appreciate the changing
demographics. India has 440 million millennials – defined as those born after 1980 – making
up a third of the population. Millennials have already become the chief wage earners in most
Indian households, with their income contributing to 70 per cent of India's total household
income. India will become the country with the world's youngest population by 2020, with a
median age of 29. Thus, it is imperative for Tata Power to keep up with what is a fast-paced
journey to new territories to win over the country's young population. Tata Power is looking
at positioning the brand as young, aspirational and futuristic that would interest the Millennial
and Generation Z demographics as consumers and influencers.
New Businesses:
With the advent of new products and services, Tata Power is steering the transformation of
utilities to integrated solutions by looking at new business growth in Rooftop solar, EV
charging infrastructure, home automation which help lower Tata Power’s carbon economy.
Tata Power established the first set of Electric Vehicle charging stations in Mumbai and it is
now expanding its presence at a rapid rate. The EV charging solutions are being developed
to give customers easy and reliable access and support EV adoption through a reliable
charging network. Tata Power has launched a complete residential rooftop solution across
multiple cities. The program is now active in more than 18 cities in India. The company is
developing Home Automation to help consumers minimize electricity consumption and it will
aid users to run the home appliances better with the convenience of managing them through
smartphone or a tablet
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Current Marketing & Communication strategy:
Platforms being leveraged:
Tata Power has in the recent past stepped up its digital presence. The website
(www.tatapower.com) and corporate social media handles (Facebook, Instagram, Twitter,
LinkedIn and YouTube) provide us with an extensive reach to our existing and future
customer base. Our content strategy entails info graphics, topical posts, video-based content
and thought-leadership blogs and PR articles in various leading publications.
Deliverables:
Outcomes expected for reaching Millennials & Generation Z for Tata Power New Businesses:
Benchmarking on impactful Millennial and Generation Z focused initiatives by Global
and National players.
Recommendations for creating differentiation through communications and marketing
strategy (Identify platforms specific content strategy, relevant brand partnerships etc)
Positioning for Tata Power to reach younger customers (creating active communities,
advocates, influencers, loyalists etc.)
Methods to evaluate effectiveness of the recommendations for developing the new
businesses.